Number
171499
Version
ORIGINAL
Reference
020337
Sponsor
ALD. WITKOWSKI
Title
Resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 50 (Solar Paints), in the 13th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 50 in 2002 to provide partial funding for environmental investigation and remediation at 5375 South 9th Street.
TID No. 50 has incurred project costs of $775,151, including interest on debt and associated carrying charges, and approximately $809,280 of incremental revenue has been generated in the TID.
Amendment No. 1 to the Project Plan for TID No. 50 will provide funding for the paving of two street segments located outside of, but within one-half mile of the District boundary, specifically West Clayton Crest Avenue between South 14th Street and South 15th Place and West Upham Avenue between South 14th Street and South 15th Place. The District can support a contribution of approximately $65,000 for this work.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”), on August 1, 2002, adopted File No. 020337, which approved a Project Plan and created Tax Incremental District No. 50 (Solar Paints) (“District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, on January 18, 2018, the Redevelopment Authority of the City of Milwaukee conducted a public hearing on Amendment No. 1 to the Project Plan for the District (“Amendment”), approved such Amendment by resolution and submitted such Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and
Whereas, Section 66.1105(4)(h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council with the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); now, ...
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